Abbrea Capital LLC Has $6.19 Million Stock Position in Chevron Co. (NYSE:CVX)

Abbrea Capital LLC reduced its stake in Chevron Co. (NYSE:CVX) by 1.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,513 shares of the oil and gas company’s stock after selling 401 shares during the period. Chevron accounts for approximately 0.9% of Abbrea Capital LLC’s holdings, making the stock its 27th largest holding. Abbrea Capital LLC’s holdings in Chevron were worth $6,192,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Picton Mahoney Asset Management bought a new stake in shares of Chevron during the third quarter worth approximately $26,000. Valley Forge Investment Consultants Inc. ADV increased its holdings in shares of Chevron by 80.0% during the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after buying an additional 80 shares in the last quarter. Valued Wealth Advisors LLC acquired a new stake in Chevron in the fourth quarter valued at $33,000. Legacy Financial Group LLC acquired a new stake in Chevron in the third quarter valued at $43,000. Finally, Roble Belko & Company Inc increased its holdings in Chevron by 77.3% in the fourth quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 150 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Royal Bank of Canada lifted their price objective on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Barclays assumed coverage on Chevron in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 target price for the company. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price for the company. in a research note on Tuesday, February 6th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Finally, Truist Financial cut their price target on Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 5th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $184.75.

Chevron Price Performance

NYSE:CVX traded up $0.61 during midday trading on Friday, hitting $165.89. The company had a trading volume of 9,724,814 shares, compared to its average volume of 8,479,911. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. The stock’s fifty day moving average price is $156.35 and its 200-day moving average price is $151.84. The company has a market capitalization of $308.10 billion, a PE ratio of 14.42, a P/E/G ratio of 2.41 and a beta of 1.12. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.06 by ($0.13). Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter last year, the firm posted $3.55 earnings per share. The firm’s revenue was down 4.1% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 13.58 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 3.93%. This is a positive change from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio is presently 57.39%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.